Balbec collects $1.5 billion for fifth mortgage and consumer loan fund
Balbec will invest through a new fund across residential, commercial, and consumer whole loan portfolios and across the performance spectrum including “assets subject to bankruptcy or other structured repayment plans"

Arena collects $930 million for second opportunistic credit fund
Arena has made a final close on a fund and surpassed the target it set at its first close in July last year

Ares plans four credit fund launches amid strong deployment
Ares Management benefitted from strong private credit deployment in the quarted and unveiled plans to raise its sixth European direct lending fund, second flagship closed-end alternative credit fund and third US junior capital direct lending fund

Invesco holds final closed for distressed fund at $644 million
Invesco has made a final close of its global distressed credit and special sitiations fund known as Invesco Credit Partners Fund II

BlackRock closes £1.7 billion private debt fund with wide mandate for UK pensions
The firm has deployed around 60% of the fund, which invests across US and European direct lending, US and European real estate debt and the firm’s global opportunistic strategy

Russia and retail put stop to credit rally with big spread reversal
Russia’s move to cut gas supplies once again to Europe, as well as a Walmart profit warning in the US, are weighing heavily on markets Tuesday and sending credit spreads sharply wider

Russia CDS auction deliverables list takes shape after sanctions licence
Russian Federation bonds cleared by Euroclear may be the only deliverable obligations to settle sovereign CDS contracts referencing the country, the Emea Determinations Committee has said, although it is also considering Clearstream listed bonds as it moves forward with preparations for a credit event auction

Russia CDS settlement receives boost from US sanctions update
The long wait to settle CDS contracts referencing the Russia Federation could soon be over, with previous uncertainty over how US sanctions would impact a credit event auction apparently having been addressed

Credit PM pair seek galaxy of opportunities with long/short fund manager launch
Two experienced portfolio managers have set up a new venture to take advantage of volatile markets

Credit Rendezvous: Investors try to avoid suplex city as recession and inflation reform tag-team
Credit investors getting ready to lock up against that familiar 1970s pairing of inflation and recession. But the hard-hitting tag team has picked up some new moves, causing floating rate outperformance to give way to underperformance; synthetic credit to outperform cash; and CLO terms curves to reshape into barely recognisable positions

Five credit managers win nearly $1 billion from UK pension pool
Five private credit funds emerged as winners after UK pension pool Border to Coast revealed $1 billion in a wide variety of private credit commitments

Fund performance: Rocky May piles on the misery for credit hedge funds
Negative fund performance soared in May

Credit hedge funds (July 2022)
Credit hedge fund returns

Credit funds at a glance (June 2022)
A round up of fundraising and people moves in credit  

Europe vs US arb hits resistance as dislocation becomes more extreme
Recession fears have pushed several different asset classes to key psychological levels, while leaving European and US credit markets at a high level of dislocation

LP round up: 28 credit managers win $6.6 billion as San Diego carves private credit allocation
Pensions allocated over $6.6 billion to credit managers in June including Angelo Gordon, Antares, Apollo, Ares, Beach Point, BioPharma, Brookfield, CarVal, Cerberus...

EU inflation prints frame challenge ahead as horror show first half ends
Financial markets are heading into the weekend with a rare stationary session, but the mood is more one of shellshock than considered positioning, after one of the worst first halves to a year on record

Consumer confidence shock sends spreads back to wides
Weak US consumer confidence numbers on Tuesday sent shockwaves through markets that are continuing to reverberate in Wednesday's trading session

Property firm's troubles mount while rest of market rallies
Financial markets have opened the week brightly on a mix of improved sentiment and technical repositioning. But one European high yield company is heading further into stress, against the flow

Internet company triggers restructuring credit event at third time of asking
Yandex, the multinational internet and search engine company that predominantly serves Russian and Russian language users, has triggered a restructuring credit event

Russian credit event auction plans put on hold after US sanctions update
Settlement of Russian Federation sovereign CDS has hit a delay, with the US having published updated advice on sanctions that could jeopardise the ability to conduct a credit event auction

Talen bond squeeze brings low auction pay-out for protection holders
A credit event auction to settle Talen Energy Supply CDS has delivered a much higher result than had been predicted from bond prices, fuelled by a bidding squeeze on deliverable paper

DC explains Russian credit event ruling - but not sole member opposition
Factors backing Russian Federation’s credit event trigger have been outlined by the Credit Derivatives Determinations Committee, but without giving any explanation for Citi’s decision to vote against the decision

JP Morgan AM targets global special situations after $2.4 billion raise
JP Morgan Asset Management says it has raised $2.4 billion for Lynstone Special Situations Fund II to invest in stressed, distressed and event driven situations

Dealers gear up to settle first CDS auction of 2022
A credit event auction this week to settle Talen Energy Supply CDS will have 13 deliverable obligations, with the Credit Derivatives Determinations Committee having published its final list